The US elected their Democratic President after a gap of few decades and that seems to be on the verge of collapse. The Obama administration took over at a very tough situation where the financial crisis pulled down the entire economy.
Then the government was forced to go in for unprecedented borrowing and printing of new money worth over a trillion dollars to save the economy from collapse. The banking industry, the automobile industry, the housing sector and also the insurance industry were standing in cue with begging bowls before the government.
Most of the money is still not recovered and there is hardly any chance of a quick recovery of the taxpayer’s money in the near future.
And during the last one year, the unemployment rate has climbed up to 10% level and is stubbornly holding around that level for the last several months. With the Europe crisis looming large, the private employers are reluctant to hire permanent workers in the near future.
That is capping the employment scope for the near term , that is pulling down the US government reputation as a consequence.
Now the crude oil spill has only added the last nail in the coffin for the Democrats in US, as the oil spill is raging at over 6000 barrels per day for the last 40 days, and the government does not seem to have any clue on how to stop the disaster.
With miles of the coastal region already suffering from irreparable losses due to the crude oil spill, there is hardly any scope for the Democrats to gain back the confidence of the US citizens.